Binance, the world’s largest cryptocurrency exchange by traded value, is launching its own blockchain platform. The Binance Coin (BNB) is an ERC20 token that will be used to power the new blockchain. Binance will use a portion of its profits to buy back and “burn” BNB tokens, reducing the circulating supply.
This should increase demand for the remaining tokens, driving up the price. Binance plans to launch the new blockchain in early 2019.
The Binance Coin has already seen significant price growth since it was first introduced in July 2017. It is currently trading at around $9.50, up from an initial price of just $0.10.
This represents a 9500% increase in value over a period of just 16 months. If Binance is successful in launching its new blockchain platform, there is no reason why the BNB token cannot continue to grow in value.
Binance has proven itself to be a reliable and innovative company in the cryptocurrency space. It has consistently been one of the largest exchanges by traded value, and has launched a number of successful products and services.
The launch of its own blockchain platform could be a major catalyst for further price growth for the BNB token.